Pine Analytics has released a detailed analysis of the Flying Tulip smart trading protocol's fundraising and operational mechanisms. Flying Tulip aims to raise $1 billion, offering 10 FT tokens per dollar at an initial price of $0.10. The fundraising will accept assets such as USDC, USDT, USDS, USDDe, ETH, SOL, AVAX, and S. Participants will receive a transferable NFT wrapped in an FT token and a redemption PUT, with the FT token redeemable for the invested assets. The expected annualized return on the raised assets is approximately $44.27 million, prioritizing the repurchase and destruction of FT tokens and covering $500,000 in operational expenses. The team and foundation will not receive pre-allocated funds but will benefit from repurchased FT tokens distributed in a 40:20:20:20 ratio from protocol revenue.